REBusinessOnline

Herschend Family Entertainment Purchases Kentucky Kingdom, Hurricane Bay in Louisville

LOUISVILLE, KY. — Herschend Enterprises has become the majority owner and main operator of Kentucky Kingdom and Hurricane Bay, an amusement and water park located at 937 Phillips Lane in Louisville. Georgia-based Herschend is a family-owned theme attractions and entertainment company whose operations include Dollywood, Silver Dollar City and Newport Aquarium. Craig Ross, Dollywood’s president for the past 10 years, will serve as Kentucky Kingdom’s interim general manager. The acquisition …

Mia Rose, ERC Construction Break Ground on 234-Unit Multifamily Community in Springdale, Arkansas

SPRINGDALE, ARK. — Mia Rose Holdings and ERC Construction Group have formed a joint venture to build Pure Springdale, a 16-building, 234,000-square-foot multifamily community in Springdale. Courtyard Building and Block LLC is the architect, Crafton Tull is the engineer of record and Trinity Multifamily is the property manager. Mia Rose and ERC recently broke ground on the 234-unit property, which is scheduled to be complete in fall 2022.The project includes new construction of one- and …

McCraney Acquires 40 Acres in Ocoee, Florida for Spec Industrial Park Development

OCOEE, FLA. — McCraney Property Co., a private industrial real estate development and investment firm, has acquired 40 acres in an off-market assemblage of three parcels just south of East Fullers Cross Road in Ocoee. The purchase price was not disclosed. The company plans to develop Progress Commerce Park, a six-building, Class A speculative industrial park totaling 480,560 square feet. Currently, the proposed site plan is under review with the City of Ocoee, as well as a zoning change …

Trinity Capital, SLI Capital Top Out 210,000 SF Office and Life Sciences Center in Downtown Durham

DURHAM, N.C. — Trinity Capital Advisors and SLI Capital have topped out a new Class A office project in downtown Durham called The Roxboro at Venable. The eight-story office and life sciences center is located within the mixed-use Venable Center at 380 East Pettigrew St. Duda|Paine Architects is the designer for the 210,000-square-foot project, which is expected to be opened by 2022.The Roxboro at Venable will feature tall floor-to-floor heights, built-in accommodation for lab …

American Street Capital Arranges $8.1M Loan for Multifamily Complex in Riverdale, Georgia

RIVERDALE, GA. — American Street Capital (ASC) has arranged an $8.1 million cash-out refinance loan for River Ridge Apartments, a 150-unit multifamily complex in Riverdale. The borrower and agency lender’s names were not disclosed.Edward Streit of ASC arranged the Fannie Mae loan, which features a 12-year term with two years of interest-only payments and a 30-year amortization schedule. The loan retired the existing agency debt.Built in 1972 and renovated in 2019, River Ridge is a …

Morgan Properties, Olayan America Acquire 14,414-Unit Apartment Portfolio Across Midwest, Southeast for $1.7B

KING OF PRUSSIA, PA. — Morgan Properties and Olayan America have acquired a portfolio of 48 apartment communities totaling 14,414 units in 11 states for $1.7 billion. STAR Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust, was the seller.The portfolio, named the North Star Portfolio, consists of Class B assets in Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. On …

Marriott Names Tony Capuano as New CEO, Stephanie Linnartz as New President

BETHESDA, MD. — Marriott International Inc. (NASDAQ: MAR) has named Tony Capuano as the new CEO. This news follows the recent death of previous CEO, Arne Sorenson.Marriott also named Stephanie Linnartz as its new president. Linnartz was previously the Marriott group president in charge of consumer operations, emerging businesses, and technology.Capuano has been with the Marriott for 25 years, and he will be the company’s fourth CEO. He is taking over the hotel corporation at a time …

Woda Cooper, Parallel Housing Break Ground 60-Unit Affordable Housing Community in Madison, Georgia

MADISON, GA. — Woda Cooper Co. and Parallel Housing Inc. have broken ground on Canaan Crossing, a new 60-unit, $13 million affordable housing community in Madison. The property will be located at the corner of Wheat and March streets in Madison’s Canaan historic neighborhood.Canaan Crossing will include 60 townhomes and apartments with -one, -two and -three-bedroom units for families earning up to 60 percent of area median income (AMI). The development is expected to be certified LEED …

Hollingsworth to Develop 650,250 SF Spec Industrial Facility in Prince George County, Virginia

PRINCE GEORGE, VA. — The Hollingsworth Cos. is developing a 650,250-square-foot speculative industrial building in Southpoint Business Park located at 8000-8072 Quality Drive in Prince George. This property will be the 12th and largest facility developed by The Hollingsworth Cos. in Southpoint Business Park.The speculative tilt-wall building will feature 40-foot clear heights, 60- by 60-foot column spacing, 142 dock doors and 177 trailer drops. After the new facility is built, Southpoint …

28 Walker to Develop 125,000 SF Timber Office Building in Baltimore

BALTIMORE — 28 Walker Development will build a five-story, 125,000-square-foot office building at 4010 Boston St. in Baltimore City, known as 40TEN. The Class A office space will be delivered in early 2022.40TEN is the first commercial office building in downtown Baltimore constructed entirely using heavy wood timber materials. 28 Walker chose to utilize heavy timber based on the material’s positive energy efficiency attributes, with flooring, columns and exposed ceilings all comprising …

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